Time and Unforseen Occurrences have befell me!!

[UpAndComing74]

I was in an auto accident totaling my car. Now I'm asking the bank for another loan. They have approved my 574 TU score with a rate of 16.9%. NO WAY.. If I can get my FICO to 629-659 then I will get an 8.09% rate. Since 2008 my pay history has been flawless except for three 'repurchased' collections set to fall off 2014. So my qusestion is this: How can I pay down my CC's to achieve maximum boost in score.. I have $3000 extra to pay them down or off.
The balance to Credit Limits are:
Target 190/200
HSBC. 1102/1100
Cap 1. 754/750
Cap 1. 553/500
Credit union Card 4395/4000
Also my previos auto loans is going from $17800 down to $4800

Should I receive the neede bump and what should be my method f attack to payi them?

Thanks for our help

[Anonymous]

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@UpAndComing74 wrote:
I was in an auto accident totaling my car. Now I'm asking the bank for another loan. They have approved my 574 TU score with a rate of 16.9%. NO WAY.. If I can get my FICO to 629-659 then I will get an 8.09% rate. Since 2008 my pay history has been flawless except for three 'repurchased' collections set to fall off 2014. So my qusestion is this: How can I pay down my CC's to achieve maximum boost in score.. I have $3000 extra to pay them down or off.
The balance to Credit Limits are:
Target 190/200
HSBC. 1102/1100
Cap 1. 754/750
Cap 1. 553/500
Credit union Card 4395/4000
Also my previos auto loans is going from $17800 down to $4800

Should I receive the neede bump and what should be my method f attack to payi them?

Thanks for our help

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You are almost near or above your CL on all of you CC. Applying those $3000 to any of the cards will help you. 3 ways to pay off and get a score increase

1 - What are the interest rates on each of them? SInce paying the highest interest CC first may help in saving you some money

2 - Start paying highest balace first. This will save you interest and min payments on small balance is low.

3 - Start paying off lowest baalnce CC first. This will give you emotional boost of accomplishment of paying of 3 CC at one go.

See what works best for you and go for it ASAP.

[nomoore]

I'm thinking those 4 over the credit limit cards are killing your score.

Here's what I would pay in an attempt to maximize the score.

Target -- $190

HSBC -- $560

Cap1 -- $754

Cap1 -- $553

Credit Union Card -- $943

Here's what you should have when done:

Target -- 0/200

HSBC -- 542/1100 (under 50% util)

Cap1 -- 0/750

Cap1 -- 0/500

Credit Union Card 3452/4000

The only caveat is I might consider keeping a small balance for a little while on the cards that were over the CL. I would be afraid they would close them if I just payed them off immediately since they were over the limit. Closing them would hurt your overall utilization. Having them paid off but the account still open would be ideal for your score though.

[UpAndComing74]

Thank-you 'nomoore'! Sounds like a plan.. The 3k comes 2/29 so I want to online pay them 2/28 in order to catch the reporting to the CRA.. Hope this gives me my desired 50 point credit boost!!
Thanks again

[nomoore]

I take it one of your card's statement closing dates is very near after 2/28? I really hate to see people spend money before they have it. It's easy to hurt yourself that way.

[Booner72]

The new balances will be reported to the bureaus the day of the statements.  It's not a "hurry and get them in by the end of the month" thing.

 You might have to wait until April to see the changes bc my bet is you missed the cutoffs.

Great news that you are getting rid of 3000K in credit card debt!!

Good Luck!!!

[nomoore]

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@Booner72 wrote:

Great news that you are getting rid of 3000K in credit card debt!!

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Wow! That's a LOT of credit card debt!!!!!!!!!!!!!